Stonehaven Announces Private Placement of $3.4 Million of Flow-Through Shares

CALGARY, ALBERTA–(Marketwired – Dec. 18, 2014) – Stonehaven Exploration Ltd. (“Stonehaven” or the “Company“) (TSX VENTURE:SE) reports that the Company is undertaking a private placement offering (the “Offering“) of 2,267,000 common shares of the Company to be issued on a “flow-through” basis (the “Flow-Through Shares“) at a price of $1.50 per Flow-Through Share, resulting in gross proceeds of $3,400,500.

The gross proceeds of the Flow-Through Shares will be used by the Company to incur eligible Canadian exploration expenses (“Qualifying Expenditures“) prior to December 31, 2015. The Company will renounce the Qualifying Expenditures to subscribers of the Flow-Through Shares for the fiscal year ended December 31, 2014.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. Closing of the Offering is expected to occur on or about December 19, 2014. All Flow-Through Shares issued pursuant to the Offering will be subject to a four-month hold period. Certain arm’s length eligible persons may receive a cash fee in connection with the Offering of up to 4% of the gross proceeds of the sale of the Flow-Through Shares.

The Company holds an interest in 20 gross sections (7.34 net sections) of petroleum and natural gas rights at Bigstone and Fir, Alberta.

ADVISORY ON FORWARD-LOOKING STATEMENTS: This news release contains certain forward-looking information and statements (“forward-looking statements”) within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains statements concerning the anticipated closing date, the use of proceeds of the Offering and the payment of fees to certain arm’s length parties.

The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Stonehaven, including with respect to the closing dates of the Offering, the use of proceeds of the Offering, expectations and assumptions concerning timing of receipt of required regulatory approvals, the satisfaction of other conditions to the completion of the Offering.

Forward-looking statements are based on a number of material factors, expectations or assumptions of Stonehaven which have been used to develop such statements and information but which may prove to be incorrect. Although Stonehaven believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Stonehaven can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: the receipt of all regulatory approvals for the Offering; the general continuance of current industry conditions; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Stonehaven operates; and certain other risks detailed from time-to-time in Stonehaven’s public disclosure documents. Additional information regarding some of these risks, expectations or assumptions and other factors may be found under in the Company’s Annual Information Form for the year ended December 31, 2013 and the Company’s Management’s Discussion and Analysis prepared for the year ended December 31, 2013. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Stonehaven undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.